Regulatory Roundup: June 7-13

Chris Gaetano
Published Date:
Jun 13, 2017


Phoenix CPA Honored with AICPA Information Management and Technology Assurance Section Scholarship 
LAS VEGAS (June 12, 2017) – An audit associate from Phoenix, Ariz., is the recipient of this year’s Young CPA Scholarship from the American Institute of CPAs’ Information Management and Technology Assurance (IMTA) Section. The scholarship covers the registration fee and travel expenses to AICPA ENGAGE, currently underway in Las Vegas.


Cost Estimate
H.R. 338, a bill to promote a 21st century energy and manufacturing workforce
June 12, 2017

Cost Estimate
H.R. 447, a bill to extend the deadline for commencement of construction of a hydroelectric project
June 12, 2017

Cost Estimate
H.R. 2274, HYdropower Permit Extension Act
June 12, 2017

Cost Estimate
S. 849, Strengthening Mosquito Abatement for Safety and Health Act
June 9, 2017

Cost Estimate
H.R. 601, Reinforcing Education Accountability in Development Act
June 8, 2017

Cost Estimate
H.R. 2132, Traveler Redress Improvement Act of 2017
June 7, 2017

Cost Estimate
H.R. 2131, Fixing Internal Response to Misconduct Act
June 7, 2017

Cost Estimate
H.R. 613, Lieutenant Osvaldo Albarati Correctional Officer Self-Protection Act of 2017
June 7, 2017

Monthly Budget Review for May 2017
June 7, 2017


Registration Opens for June 26 FASB Webcast for Private Companies & Not-for-Profit Organizations  [06/08/17]
News Release
Course Description and Registration

FASB Votes to Proceed With Final Standard on Hedging  [06/07/17]
News Release


Improper Payments:
Additional Guidance Could Provide More Consistent Compliance Determinations and Reporting by Inspectors General
GAO-17-484:Published: May 31, 2017. Publicly Released: Jun 13, 2017.

Customs and Border Protection:
Improved Planning Needed to Strengthen Trade Enforcement
GAO-17-618:Published: Jun 12, 2017. Publicly Released: Jun 12, 2017.

Armored Commercial Vehicles:
DOD Has Procurement Guidance, but Army Could Take Actions to Enhance Inspections and Oversight
GAO-17-513:Published: Jun 9, 2017. Publicly Released: Jun 9, 2017.

Military Readiness:
DOD Has Not Incorporated Leading Practices of a Strategic Management Planning Framework in Retrograde and Reset Guidance
GAO-17-530R:Published: Jun 9, 2017. Publicly Released: Jun 9, 2017.

Satellite Acquisitions:
Agencies May Recover a Limited Portion of Contract Value When Satellites Fail
GAO-17-490:Published: Jun 9, 2017. Publicly Released: Jun 9, 2017.

Wildland Fire Risk Reduction:
Multiple Factors Affect Federal-Nonfederal Collaboration, but Action Could Be Taken to Better Measure Progress
GAO-17-357:Published: May 10, 2017. Publicly Released: Jun 9, 2017.

EPA Science Advisory Board:
Policy Statement on Science Quality and Integrity
GAO-17-526R:Published: Jun 8, 2017. Publicly Released: Jun 8, 2017.

Military Personnel:
DOD Needs to Establish Performance Measures for the Armed Forces Sports Program
GAO-17-542:Published: Jun 8, 2017. Publicly Released: Jun 8, 2017.

Open Innovation:
Executive Branch Developed Resources to Support Implementation, but Guidance Could Better Reflect Leading Practices
GAO-17-507:Published: Jun 8, 2017. Publicly Released: Jun 8, 2017.

Coast Guard Recapitalization:
Matching Needs and Resources Continue to Strain Acquisition Efforts
GAO-17-654T:Published: Jun 7, 2017. Publicly Released: Jun 7, 2017.


June 2017 IASB meeting—agenda papers available

IFRS Advisory Council April meeting report posted

Nick Anderson and Ann Tarca join the International Accounting Standards Board

The summary of tentative decisions on the Conceptual Framework for Financial Reporting is now available

Updates on the materiality projects

Welcome to our new website

May 2017 podcast with Sue Lloyd and Darrel Scott

International Accounting Standards Board issues Interpretation on IAS 12 Income Taxes


Taxpayers Abroad Must File by June 15; Extensions Available; New Filing Deadline Now Applies to Foreign Account Reports
IR-2017-105, June 12, 2017 — The IRS today reminded taxpayers living and working abroad that they must file their 2016 federal income tax return by Thursday, June 15.

Interest Rates Remain the Same for the Third Quarter of 2017
IR-2017-104, June 9, 2017 ― The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2017.

NYC Dept. of Finance 

June 12, 2017
The Department of Finance is proposing rules that Power of Attorney forms do not require notarization under any circumstances.

June 12, 2017
Michael Hyman, First Deputy Commissioner testified at the City Council to acknowledge DOF support of Pre-Considered Intro 6286, legislation that would establish that the maximum exemption allowable on qualifying residential real property under the Alternative Veterans Tax Exemption.

NYS Dept. of Taxation and Finance

Avoid the Rush: File Your Quarterly Sales Tax Return Today!

NYS Gaming Commission & Department of Tax & Finance announce arrests of Lottery “discounters” and tax scofflaws

A.G. Schneiderman And Acting Tax Commissioner Manion Announce Indictment Of “Taxi King” Evgeny Freidman For Allegedly Stealing Nearly $5 Million In MTA Taxes 


SEC Names Stephanie Avakian and Steven Peikin as Co-Directors of Enforcement
Washington D.C., June 8, 2017— The Securities and Exchange Commission today announced that Acting Director of the Division of Enforcement Stephanie Avakian and former federal prosecutor Steven Peikin have been named Co-Directors of the Division of Enforcement. The Division of Enforcement is the agency's largest unit with more than 1,200 investigators, accountants, trial attorneys, and other professionals.


Centralization of Identity Theft Victim Assistance Reduced Case Closure Time Frames and Tax Account Errors
 WASHINGTON — The Internal Revenue Service (IRS) has made improvements in its time frames to close taxpayer identity theft cases by centralizing victim assistance into a single organizational directorate and by improving its processes and procedures, according to a report publicly released today by the Treasury Inspector General for Tax Administration (TIGTA).

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